Agency

It is important for you as a purchaser to understand Agency! It is commonplace for the broker who lists the property for sale and the broker who works with a buyer (sometimes called the co-broker) to be paid by the owner and be the owners agents. Their duties, loyalties and faithfulness are owed to the owner and they must tell the owner all important information they know which might affect the owners decision concerning the sale of the property.

In this situation if neither broker is your buyer's agent, the brokers can provide you with:

Information about available properties

Sources of financing

Help analyzing and comparing the physical & economic features of different properties

An opportunity to preview property

Assistance in making an offer to purchase

Both brokers are obligated by law to treat you honestly and fairly. They must:

Present all written offers to the owner promptly

Disclose material facts about the property known by the broker

Offer the property without regard to race, creed, sex, religion, national origin, handicap or familial status

If you choose to have a real estate broker represent you as your agent (called a Buyer's Agent) you should enter into a Buyer Representation contract which will: